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The
company said on Friday that it also increased its quarterly cash
dividend to 25 cents per share from 22 cents.
Magna, whose customers include General Motors Co Volkswagen AG,
BMW and Ford Motor Co, is a major auto parts supplier and also
engineers and assembles vehicles for automakers.
Aurora, Ontario-based Magna said vehicle production volume rose
about 7 percent in Europe and about 4 percent in North America
in the fourth quarter ended Dec. 31.
Excluding the impact of the U.S. dollar, sales increased 6
percent, the company said. Reported sales was $8.57 billion,
down about 2.5 percent, or about $222 million.
The strong dollar reduced sales by about $770 million in the
quarter, said Magna, which gets about half of its total revenue
from outside North America.
The average value of the dollar against a basket of currencies
was 11.7 percent higher in the fourth quarter compared with the
same quarter a year earlier.
Net income from continuing operations attributable to Magna fell
6.4 percent to $483 million, or $1.19 per share.
(Reporting by Amrutha Gayathri in Bengaluru; Editing by Savio
D'Souza)
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